Reserve Bank Governor Shaktikanta Das on Friday while addressing the 17th statistics day conference at the RBI headquarters, also launched ‘Centralised Information Management System’ or CIMS, which is the next-generation data warehouse.
The Governor said that commercial banks will first begin reporting on the central bank’s latest next-generation data warehouse, the Centralised Information Management System’ (CIMS), followed by urban cooperative banks and non-banking financial companies.
The Governor said “Over two decades ago, the Reserve Bank was among the pioneer central banks to set up its data warehouse. Considering the developments during the interregnum, it is natural that we migrate to a new platform with a more enriched orientation”.
He further said that “With today’s launch of CIMS, we embark on a major change in our information management framework for handling the massive data flow, aggregation, analysis, public dissemination, and data governance. This system uses state-of-the-art technology to manage Big data and will serve as a platform for power users to carry out data mining, text mining, visual analytics, and advanced statistical analysis connecting data from multiple domains, such as financial, external, fiscal, corporate, and real sectors as well as prices. In the short to medium term, it would lead to a paradigm shift in the Reserve Bank’s economic analysis as well as supervision, monitoring, and enforcement across multiple domains”.
He also said, following the recommendation of the Reserve Bank’s Regulations Review Authority 2.0 (RRA 2.0) a system-based submission of the remaining email-based reporting will be implemented through the CIMS in the coming months. Since any systemic transition with multiple dimensions involving a large number of entities is prone to teething trouble, Das said the RBI teams will support reporting entities for a smooth transition, wherever necessary. The new system will also have several new features in the coming months, he said.
The Governor also said incidentally, with the CIMS going live, the first weekly statistical supplement, which is the RBI”s weekly data release on its own operations and on developments in banking and financial markets, was compiled and processed in the CIMS for the week to June 23.
Since any systemic transition with multiple dimensions involving a large number of entities is prone to teething trouble, Das said the RBI teams will support reporting entities for a smooth transition, wherever necessary. The new system will also have several new features in the coming months, he said.
Statistics Day also marks the birth anniversary of Prof Prasanta Chandra Mahalanobis–the best-known mind in the field. Hailing the role that Prof Mahalanobis played in fine-tuning the macro-financial data system in the country, he said the world-renowned statistician was instrumental in institutionalising statistics, both as an academic discipline and as a policy-devising tool. He always approached the subject as an applied science, capable of addressing real-life questions.
“Celebration of the National Statistics Day, which marks the birth anniversary of Professor Prasanta Chandra Mahalanobis, provides an opportunity for sensitising the general public, especially the younger minds, about the discipline of statistics, which provides a scientific basis for making informed decisions across diverse domains. Prof. Mahalanobis was instrumental in institutionalising statistics in India, both as an academic discipline and as a policy-devising tool. He always approached the subject as an applied science, capable of addressing real-life questions. We are reminded of the practical application of statistics, such as his analysis of half a century of data on floods, which influenced the construction of the Hirakud dam, and the second Five-year Plan model which focussed on the rapid industrialisation of the Indian economy. All these demonstrated how statistics can address complex problems and drive progress. As we pay our tribute to Prof. Mahalanobis on his birth anniversary, we continue to draw inspiration from the sagacious endeavors of this great visionary”, he said.
